Looking ahead, some industry professionals believe the following six property trends will lead the way in 2023:
1. Buyers want more ‘bang for their buck’
We anticipate that demand will grow in 2023 as buyers plan carefully and realise their dream of home ownership by purchasing in areas where they can manage affordability.
2. Shifts in the profile of a first-time homebuyer
Data indicates that Gen Z’s – the next generation of South Africa’s workforce – believe in the power of home ownership so we expect to see increased uptake in the next few years.
3. The fall of 100% home loans
In the current climate, homebuyers are prioritising deposits as a way to reduce their monthly repayments and achieve a better interest rate on their home loan.
4. Buy-to-let investment boom
Investors are looking to ‘cash in’ on high demand in the rental market due to higher interest rates, and this trend is set to continue well into 2023.
5. What’s trending with off-plan properties
New residential developments have experienced a notable surge in popularity among South African homebuyers, and this trend is set to accelerate for the foreseeable future.
6. Is semi-gration still a thing?
Yes. While many have gone back to their 9-to-5 office jobs, some are still opting to commute. We expect various small towns to continue to feature prominently in our home loan data in 2023.
Read the full article from Rhys Dyer, CEO of ooba Group, here.
021 674 1120